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SPY Poised To Breakout On Fed Hike

Published 06/14/2017, 12:44 AM
Updated 07/09/2023, 06:31 AM
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“Whatever the mind can conceive and believe, it can achieve.” – Napolean Hill

We’re still waiting on the Fed news coming Wednesday, where a likely quarter point rate increase is coming.

That is baked into the market, and the market seems ready to resume its strength.

Last month we had a quick dip, now this month looks to have the same.

You never know how things will act on Fed day but I am long biased and ready to make some buys if we move higher and we should be pretty sure of that by Wednesdays close or Thursday.

SPY Daily Chart

SPDR S&P 500 (NYSE:SPY) is poised to breakout now and the Fed rate hike may be the catalyst we need.

Or, we could continue to range trade between 244 and 242 or so.

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